EBA sets priorities for MiCA review: stablecoins, crypto lending and DeFi

EBA MiCA review: On September 24, 2026, the European Banking Authority (EBA) published its response to the European Commission’s targeted consultation on the review of the MiCA Regulation. It identified rules for certain stablecoin models, clarification of the boundaries between MiCA and other EU regulations, and regulation of crypto-asset lending, including activities linked to decentralized finance, among its main priorities.

The EBA’s position does not itself change the applicable MiCA rules. It is a contribution to the Commission’s consultation, which is open until September 30, 2026. After it concludes, the Commission may prepare a report and possibly a legislative proposal to amend the regulation.

EBA MiCA review: multi-issuer stablecoins

The EBA is calling for stronger rules addressing the risks of multi-issuer stablecoin schemes. This is among the main areas highlighted by the authority in its response to the Commission.

MiCA created an EU-wide framework for crypto-assets. However, as part of its assessment, the EBA points to issues emerging during the initial application of the rules and with new business models. One of these is the operation of stablecoin schemes involving multiple issuers.

The position does not establish the specific form of future obligations. Nor is it confirmed whether the European Commission will incorporate this proposal into a possible amendment to MiCA.

Boundaries with MiFID, CRD and payment services

The EBA’s second priority is clarifying the scope of MiCA and its boundaries with other European Union regulations. It specifically mentions MiFID and CRD rules, as well as the legal framework for payment services.

The aim of this part of the recommendations is to clarify when MiCA should apply to a particular activity or product and when other EU rules should apply. The EBA identified this issue as one of the topics that needs to be addressed in the review.

In its response published on September 24, the EBA did not present final legislative wording for the changes. The precise solution to any overlaps between MiCA, MiFID, CRD and payment services rules is therefore not yet known.

Crypto lending and activities linked to DeFi

The EBA also recommends regulating crypto-asset lending. This area also includes activities linked to DeFi, or decentralized finance.

This is an important point in the debate over the scope of MiCA, because the EBA directly lists crypto lending and DeFi-related activities among the areas the review should cover. However, the position does not specify the final regulatory model or the specific obligations of individual market participants.

This does not mean that the rules for crypto lending or DeFi have already changed. The EBA is submitting a recommendation to the Commission as part of the ongoing consultation, and any amendment will be decided through a further legislative process.

What happens after the consultation

The European Commission’s consultation on the MiCA review remains open until September 30, 2026. After it closes, it will be important to monitor whether the Commission publishes a summary of the responses received and whether it proceeds with a report or legislative proposal.

It remains an open question which EBA recommendations will appear in a possible amendment. The timetable and precise form of any possible Commission initiative have also not been confirmed. Attention will also focus on responses from the European Securities and Markets Authority (ESMA), the European Central Bank, national supervisors and market participants.

Verified and updated: 09/24/2026 15:20